Someone is sitting in the shade today because someone planted a tree a long time ago.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.
Risk comes from not knowing what you're doing.
Only when the tide goes out do you discover who's been swimming naked.
Price is what you pay. Value is what you get.
Chains of habit are too light to be felt until they are too heavy to be broken.
I bought a company in the mid-'90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
Derivatives are financial weapons of mass destruction.
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